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Tag: moneylaundering

Binance plans to become registered UK firm despite regulatory setbacks

Changpeng Zhao, Binance’s CEO, stated that the exchange plans to grow to the United Kingdom within the next 6 to 18 months.This is despite having been told by regulators to stop trading in January.
The U.K.’s Financial Conduct Authority (FCA) revoked Binance’s ability to trade in Britain in June amid a sweeping regulatory crackdown on crypto> exchanges. Binance is the largest cryptocurrency exchange in the world.
The platform must adhere to money laundering and terrorist funding controls in order to be registered as a crypto asset company in the U.K. To meet these…

Market watchdog says cryptocurrency exchanges a high risk for money laundering

The Financial Markets Authority have labelled cryptocurrency exchange platforms a high-risk sector for anti-money laundering. Cryptocurrencies, such as bitcoin or ethereum, are lines of code that function as a digital currency. Each code is unique, and relies on peer-to-peer software called the blockchain to maintain its integrity. Because of its digital, and de-centralised nature, cryptocurrency can only be bought and sold on specialised online platforms called exchanges. READ MORE:* FMA censures Jarden for historical failures of derivatives trading company* Credit card repayment…

Meng Jianzhu and His Minions are the Chief Culprits of the Chinese Communist Party’s Overseas Expansion –…

Translated by: MOS Educational Team – Maverick
In the live broadcast on December 2nd, Mr. Miles Guo mentions that Jho Low, Meng Jianzhu, and Sun Lijun invested in real estate in Malaysia to establish the Chinese Communist Party (CCP) ‘s money laundering and intelligence base in Southeast Asia.
Meng Jianzhu is the absolute CCP overseas intelligence culprit. With unlimited BGY (Blue Gold Yellow – Propaganda, Money, and Sex) Operation, Meng reached his tenure as the Minister of Public Security of the CCP and the Secretary of the Central Political and Legal Affairs Commission. Inside…

British Security Think Tank’s Report Warns NFTs Could Bolster Money Laundering Schemes – Bitcoin…

The Royal United Services Institute (RUSI), the British defense and security think tank, questions whether or not non-fungible token (NFT) assets can be used for money laundering purposes. The report determines that in order to mitigate the money laundering risks a ‘know your customer’ monitoring system “needs to be implemented.”
RUSI: ‘NFT Technology Can Raise Alarm Bells From a Money Laundering and Financial Crime Perspective’
The Royal United Services Institute for Defence and Security Studies otherwise known as RUSI, was founded in 1831 and it is the oldest defense and…

China’s central bank proposes to monitor metaverse and NFTs

China’s crackdown on crypto is expanding into the metaverse and nonfungible tokens (NFT), an executive at the People’s Bank of China (PBoC) recently implied.Speaking at a national financial security summit, Gou Wenjun, director of the Anti-Money Laundering (AML) unit at the PBoC, pointed to the risks associated with leaving the new trends of the crypto ecosystem, such as NFTs and the metaverse, unregulated. He claimed that, while people would use said digital assets for privacy and wealth appreciation, they are also prone to be used for illicit purposes such as money laundering and tax…

NFT, Metaverse ‘Could Become Money-Laundering Tools’

Source: AdobeStock / dule964The Chinese central bank’s anti-money laundering chief has spoken out about non-fungible tokens (NFTs) and metaverse projects – suggesting that there may be a need to regulate these sectors in the same manner as it polices cryptoassets.In two crackdowns (one in September 2017 and the second in September this year), the central People’s Bank of China (PBoC) has effectively banned most forms of crypto trading and crypto exchanges targeting Chinese citizens based on the mainland.The bank and other government organs have also squashed the nascent Chinese NFT…

Celsius CFO arrested over connections to Israeli crypto mogul Hogeg

Yaron Shalem, the Chief Financial Officer of crypto lending platform Celsius, was arrested this month in Tel Aviv in connection with Israeli crypto mogul Moshe Hogeg, CoinDesk reported. His name and those of 17 other people were included in an appendix to a document issued by Israel police’s national fraud investigation unit, dated Nov. 15.

This was three days before police announced they had arrested eight people, including Hogeg, on accusations of fraud, money laundering, and sexual assault.

Celsius refuses to talk

Three sources in Israel confirmed…

Binance Must Intensify AML Compliance For Paris Expansion

Source: AdobeStock / Florence PiotFrench financial sector regulator Autorité des Marchés Financiers (AMF) has announced that crypto exchange Binance needs to intensify its efforts to ensure anti-money laundering compliance if it wants the agency’s backing for its plans to launch a regional registered office in the country’s capital.The latest development comes shortly after Changpeng Zhao, CEO of Binance, announced that Paris would be a “natural choice” for the exchange’s regional, and potentially even global headquarters, Reuters reports.In a November interview with French…

UK’s FCA to spend over $650k to train staff on crypto crimes identification

Akin to regulators the world over, the United Kingdom’s Financial Conduct Authority (FCA) has been tightening its grip around the cryptocurrency in a bid to eliminate bad elements. The watchdog is now looking for experts that could train its staff on the identification of criminal activity using cryptocurrencies, according to a tender notice cited by the Telegraph.
The FCA will reportedly be splurging around $671,000 in hiring consultants from a blockchain analytics firm. It is aimed at teaching the agency’s staff on weeding out illegal financial activities such as money laundering…

Chinese governor says CBDC must balance privacy and anti-crime measures

The People’s Bank of China governor has warned that authorities will act to prevent criminals making large-scale use of its prototype central bank-issued digital currency.

The digital yuan must strike a balance between privacy protection and crime prevention, Yi told a panel meeting held by the Bank of Finland’s Institute for Emerging Economies. A completely anonymous CBDC would attract illegal transactions, including money laundering and terrorist financing, he said on November 9.

The PBoC

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Digital currencies won’t impact US sanctions, Treasury exec says

Central bank digital currencies (CBDC) like Russia’s digital ruble do not pose any threat to United States sanctions, according to U.S. Deputy Treasury Secretary Wally Adeyemo.In a CNBC interview on Wednesday, Adeyemo argued that the U.S. dollar “will remain the dominant currency in the world” despite the increasing popularity of cryptocurrencies.Adeyemo pointed out that digital assets provide an “opportunity in lots of ways” for the U.S. economy, but it’s also associated with many challenges such as money laundering. However, there are ways to combat this in order to benefit…

Little Known Facts About AML Compliance – And its Significance in Machine Learning

Companies across industries face distinct problems as regulatory obligations, corporate standards, and best practices evolve at a breakneck pace. It is not enough to comply with present regulations in highly regulated industries like financial services—companies must predict and plan for forthcoming regulations that will affect all elements of business operations and systems.
Anti-Money Laundering (AML) compliance has unquestionably been one of the top priorities for authorities overseeing financial institutions around the world. The legislative measures aimed to combat current money…

China catches fraudsters using central bank digital currency for money laundering – Ledger Insights

It’s no surprise China has uncovered instances of money laundering using its pilot central bank digital currency (CBDC). Given the size of the economy and hence issuance, it’s a magnet to scammers, fraudsters and hackers. That’s especially because the digital yuan pilots are now at scale, touching more than 10% of China’s population.

In China, fraudsters use similar methods to what they’d try for a debit or credit card scam but adapted for the digital yuan.

The 21st Century Herald gave two examples. In one case, the target of the fraud was contacted and told that an…

Warner Music, Animoca back blockchain games platform Forte’s $725m funding – Ledger Insights

Today blockchain gaming platform Forte said it closed a $725 million Series B funding round, led by Sea Capital and Kora Management. Other investors include Animoca Brands, Warner Music, Tiger Global and Andreessen Horowitz (a16z). It also secured backing from blockchain partners Cosmos, Polygon Studios and Solana Ventures. In May, Forte raised a $185 million Series A at a $1 billion valuation.

Forte’s platform provides blockchain tools for game developers such as token wallets, non-fungible token (NFT) minting and selling, and payments. It also provides anti-money laundering…

The US Government Says These NFTs Are Now Illegal

Tough luck, NFT fans.Forbidden NFTNon-fungible tokens, better known as NFTs, have rocked the worlds of both blockchain and art this year, while generating endless new debates about everything from money laundering and fraud to what it really means to “own” a digital asset.And now the drama’s getting even deeper, with the US government’s Office of Foreign Assets Control declaring this week that numerous NFTs, and even one entire exchange, are now verboten.The list of banned stuff, first spotted by blockchain startup Elliptic and highlighted by Vice’s Motherboard, include a…

CBDCs should have ‘privacy by design’, says blockchain boss

As Central Bank Digital Currencies (CBDC) continue to materialise, so do worries surrounding the financial privacy of users, says Matthew Niemerg, co-founder of Aleph Zero – a Swiss non-profit, enterprise-ready, peer-reviewed, developer-friendly blockchain platform.According to Aleph Zero, CBDCs will undoubtedly be subject to know-your-customer (KYC) and anti money laundering (AML) regulations, which require identity disclosure among their participants.In fact, the Bank of Canada has already qualified anonymity as a ‘risk’ banks should look to avoid – leaving prospective users with…

China Records First Case of Money Laundering via CBDC

The pioneer of central bank digital currency, China recorded its first case of money laundering via the electronic yuan.
Officials arrested 11 members of a criminal group in the Fujian province last week for allegedly laundering money using the country’s central bank digital currency (CBDC), according to Chinese media reports.
The group allegedly scammed an individual after making false claims of ordering an item with quality issues.
The victim was instructed to transfer more than 200,00 yuan ($31,000) to multiple accounts provided by the suspects.
CBDC Pioneer
China is widely…

PL^Gnet Brings On-Chain KYC for Blockchain-Based Development via Otto Blockchain

Cryptocurrency and blockchain adoption have long faced significant resistance from many corners, often in the areas of KYC (Know Your Customer) and compliance. Although Decentralized Ledger Technology (DLT) can deliver higher speeds, better efficiency, and lower-cost transactions between parties than traditional forms of finance, complex fiscal and reporting rules, issues pertaining to identification, the possibility of money laundering, and other challenges have prevented many projects and…

China Reports First CBDC Money Laundering Case

Key Takeaways
Chinese officials have cracked down on a criminal group connected to a money laundering charge.
The group scammed a person for 200,000 yuan (about $32,000) and used a digital yuan wallet to launder the funds.
11 individuals tied to the incident were detained and will now face a criminal trial.

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Chinese officials have detained 11 suspects in the first-ever money laundering case involving its central bank digital currency (CBDC).
11 Arrested For Illicit Use…

IMF recommends CBDC and global crypto standards for financial stability By Cointelegraph

The International Monetary Fund (IMF) released a set of policies for the emerging markets and developing economies to ensure financial stability amid global crypto adoption.
The IMF believes in the potential of crypto assets as a tool for faster and cheaper cross-border payments, citing the dramatic increase in the value of the crypto markets despite the bearish trends from May 2021. The report attributes high returns, transaction costs and speed and reduced Anti-Money Laundering (AML)…

FATF wants to ‘gut’ DeFi with ‘vague’ new guidelines, crypto players say

The crypto community has given a wilting reaction to the Financial Action Task Force (FATF) refreshed direction, given recently with one regretting that the document is terrible to the point that it makes the infrastructure bill look sensible. Most show up especially irked by the bodys position on decentralized finance (DeFi). As revealed, the FATF, which polices globalanti-money laundering (AML) and combating the financing of terrorism (CFT) endeavors, has looked to bring non-fungible…

CryptoPunks NFT Sells for $500 Million In Unusual Sale

CryptoPunks #9998 has sold for more than half a billion dollars in a sale that may not be legitimate.
It appears that the token’s original holder moved the item between two of their own accounts for unclear reasons.
Explanations for the questionable sale include money laundering, attention-seeking, and metric inflation. In a questionably large sale, CryptoPunk #9998 has sold for more than $532M, according to the project’s sales feed.
CryptoPunks Token…

Crypto DeFi Firms May Need More Oversight, Global Watchdog Says

Crypto firms that offer stablecoins, blockchain-based decentralized finance apps and services supporting peer-to-peer transactions may be required to keep tabs on their users’ identities and funds as a way of preventing money laundering and terrorism financing, a global watchdog said.In updated guidance issued Thursday, the Financial Action Task Force — which makes anti-money-laundering rules followed by governments worldwide — called for increased disclosure and oversight…

Russia and Belarus to create single payment space within Union State — Putin

 Russia and Belarus are planning to integrate their national payment systems and create a single payment space within the Union State, President Vladimir Putin said after his talks with Belarusian leader Alexander Lukashenko in Kremlin on Thursday.

Putin noted that some of the programs that were developed within the Union state are aimed at harmonizing the tax and customs legislation of the two countries.

“The general guidelines for the formation of a single monetary policy in the future have been determined. [This includes] implementation of currency regulation, integration of national payment systems and creation of a single payment space within the Union State,” the Russian leader said.

The two countries are also going to sign an agreement on general principles for levying indirect taxes, and to introduce an integrated system for administering such taxes within the Union State.


20. Test or get Fired! Harrah’s casino’s amazing philosophy

Analytics needs a evangelist! Without such a person, you just don’t get the impact that Analytics actually is capable of providing! Mostly this evangelist needs to be right at the top, the CEO! I have worked with a range of industries & everywhere the degree of impact shoots up once you have a CXO who is evangelising this change.

Of course, some CMOs have led their organizations into embracing the practice, including John Costello, former exec VP-CMO of Home Depot; John Elkins, head of global brand and marketing at Visa International; and Cathy Lyons, CMO-exec VP at Hewlett-Packard.

One organization which has become a huge case study in the application of a “fact” based approach to business is Harrah’s Entertainment! Recently though it had a messy bankruptcy of its casino operating unit and reportedly faced fines of up to $20 million over money laundering allegations.